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The cannabinoid derived from the cannabis plant contains less than 0.3% of THC levels. CBD or cannabidiol, made using hemp extract & oil, has been legalized for either medicinal, recreational, or other personal uses across some regions. CBD can be consumed in various forms like edibles, flowers, topicals, oil & tinctures, pills & capsules, and other methods (vapes, sprays).
Many innovative ways to consumer CBD have been developed to enhance the taste & interest of customers. Consumable products like creams, lotions, oils, etc., premixed with CBD, are known as topicals. On the other front, CBD consumed through food products like gummies, candies, beverages, chocolates, etc., are known as edibles. Oil & tinctures infused with CBD extracts are observed to be used primarily for aromatherapy. Nevertheless, Pills & Capsules have been developed mainly for medical treatments using CBD.
Market Insights:
The Global Cannabidiol (CBD) Market is projected to grow at a CAGR of 30.48% during the forecast period, i.e., 2022-27. The use of Cannabis has been prevailing worldwide for many ages. However, the actual legalized use & application of cannabinoids through various methods has been witnessed mainly in the past decade. The Cannabidiol (CBD) Market has depicted a consistent growth globally during the historical period, primarily due to the growing legalization of CBD for medicinal uses and increasing research & development for its more diversified use. With the mounting government support for the CBD application in food & beverages, the medical industry has also been a key contributor to the market growth in the previous few years. For instance:
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR(2022-27) | 30.48% |
| Regions Covered | North America: The US, Canada, Mexico |
| Europe: The UK, The Netherlands, France, Germany, Italy, Rest of Europe | |
| Asia Pacific: India, Japan, Australia, Thailand, Rest of Asia Pacific | |
| Key Companies Profiled | Aurora Cannabis Inc, CV Sciences, Endoca, CBD American Shaman, Bluebird Botanicals, Isodiol International, Medical Marijuana Inc, Elixinol, Hemp Inc, Canopy Growth Corporation, Others |
| Unit Denominations | USD Million/Billion |
During 2020, with the Covid-19 pandemic, the market sustained a notable growth due to the booming use of CBD for recreational purposes and the treatment of Covid-19 related stress, anxiety, sleep disorders, etc. Nevertheless, the rising legalization of cannabis cultivation by national governments in recent years is another crucial aspect expected to boost the market in the forthcoming period. For instance:
Covid-19 had fueled the Global Cannabidiol (CBD) Market
The frequent Covid-19 waves have stressed researchers to look for alternate Covid-19 treatment methods. CBD’s anti-inflammatory properties have brought it to the attention of scientific communities to conduct clinical trials on CBD. As a result of clinical trials, CBD was able to hinder the replication of the virus as per the Department of Cancer and Research, University of Chicago Medicine. Moreover, with rigorous research & drug developments, the study identified that CBD’s anti-inflammatory property has been effective to cure severe Covid-19 patients, too. For instance:
In addition, research studies behind the treatment of COVID-19 patients using CBD have been progressed since 2020 as pharmaceutical companies have started collaborating with the leading universities to check the potential of CBD as a therapeutic. As of 2022, Akseera Pharma Corp, a Canadian company, has collaborated with the University of Waterloo for the study of CBD as a beneficial treatment for Covid-19 patients. Hence, such studies by pharmaceutical companies in collaboration with universities or research & development organizations would positively impact the Global CBD Market in the forthcoming years
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